mergers

Joe's Crab Shack closures top 40

The casual chain has quietly been cut by more than a third as it awaits a change in ownership.

Financing

100-unit Cafe Rio changes hands

The controlling stake was sold by one private-equity firm to another.

The 50-year-old chain will now be a sister concept to Hot Dog on a Stick and Pretzelmaker.

The acquisition comes four years after an appearance on "Shark Tank" provided the tomato soup and grilled cheese chain with notoriety, franchise prospects and growth capital.

The Culver family retains control, but a board seat has been extended to the buyer, Roark Capital.

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